makeorbrake wrote: » We didn't have AML/KYC until recent history. The world got along just fine without it. That's what you've been sold. I don't expect to be in the majority view camp on this one - but it's highly unlikely I'll be seeing this any other way.
makeorbrake wrote: » We didn't have AML/KYC until recent history. The world got along just fine without it. That's what you've been sold. I don't expect to be in the majority view camp on this one - but it's highly unlikely I'll be seeing this any other way. Other than that, it goes far beyond annoyance. I could write a book on it but I'm not going to make disclosures here or take the discussion down that rabbit hole any further.
Dohnjoe wrote: » I do get your point about the personal annoyance It's been around for a long time in traditional banking and finance. Crypto is newer, but countless numbers of people have already been stung by dodgy unregulated non-compliant exchanges (I have, and was lucky not to lose more) We can all sit here and say "don't put in more than you can afford to lose", "never leave your coins on exchange", etc, but if that's the case then widespread public acceptance will never come. Can't have both worlds. Thankfully common sense seems to be prevailing and crypto infrastructure is overwhelmingly moving toward KYC and AML compliance - as it should Your personal annoyance with it is just that, personal. I hate security queues for planes, and I certainly don't like having to supply my passport and photo ID when joining a crypto exchange - but I understand the need for both.
Dohnjoe wrote: » I hate security queues for planes, and I certainly don't like having to supply my passport and photo ID when joining a crypto exchange - but I understand the need for both.
Selik wrote: » Makeorbrake explain the issue you are having... is it to do with having to prove the source of original funds when withdrawing profits?
makeorbrake wrote: » I won't - as it's veering off topic. And particularly so as it doesn't involve crypto in any form ironically (and I say ironically because countless people in the crypto world have had issues with crypto to FIAT conversions - not because of the source of the funds, simply because the funds were in crypto).
el diablo wrote: » And we're crashing hard. XRP $0.33. LTC $98. ETH $265. :cool:
Bob24 wrote: » when bitcoin goes parabolic alt coins either follow fairly slowly or remain flat, and when bitcoin crashes they crash even harder.
makeorbrake wrote: » It's not 2017 anymore. Alts have to do the hard yards and produce some utility. If that is happening/happens, then that will ultimately be rewarded (if the valuation isn't beyond itself already). Having said that, there were a couple of industry commentators suggesting yesterday that the 'bottom' was in as far as alts are concerned and that we'd begin to see more of a lift with them by comparison with BTC.
Bob24 wrote: » On those comments saying the bottom is in, I can see how a handful of coins which are actually demonstrating some use case can emerge, but I would be surprised to see widespread value increases (but all this is very hard to predict and I could be wrong).
JJJJNR wrote: » Well XLM for one has hit ATL so I've just sold all my BTC into XLM. I've increase my bag by 30% by just holding BTC on the stellar dex. Will probably regret it but yolo.
Pintman Paddy Losty wrote: » Most people have very few issues with KYC or AML checks. Must be a few red flags.
Bob24 wrote: » So that we are clear, I presume you mean ATL since December 2017? (which is a big caveat as it was the beginning of the alt coin madness and before that XLM was lower that its current value) Hope it works well for you, but selling one's complete BTC portfolio for XLM is a very bold and risky move IMO.
Addison Fancy Macrame wrote: » What's the ideal amount of BTC to HODL I wonder. Trying to plan my exit for 2-5 years time. Obviously won't exit it there's mass adoption.
cnocbui wrote: » Many people have a massive problem with KYC. It's a stupid system that prevents lots of people from even opening a bank account.
vargoo wrote: » How much money have you lying around that you don't mind losing? Start selling everything now that you bought under current price, use any profit you have buy more on a real dip, not the fake dips you're currently buying on.
Addison Fancy Macrame wrote: » Can't sell any, promised myself I'd HODL. Have been DCA ing for a long time now but trying to know 1: When to stop 2: When and how to get out Initial thought is to maybe sell 5% of a coin every time BTC increases 10k, starting at 20k. Want to still be holding decent coin after 100k though. The world needs dreamers.
vargoo wrote: » Throw a thought in there that it might never see 20k again.
Dohnjoe wrote: » cnocbui wrote: » Many people have a massive problem with KYC. It's a stupid system that prevents lots of people from even opening a bank account. It's mildly inconvenient and in fairness haven't heard of some crisis where "lots of" people are unable to open bank accounts due to KYC. It's been a strict requirement for a long time for common sense reasons. Go join Revolut, it's simple. Also crypto exchanges are easy to join even with KYC (I've joined about 25 exchanges give or take) - there's a lot of moaning over nothing going on here I feel
Dohnjoe wrote: » It's mildly inconvenient and in fairness haven't heard of some crisis where "lots of" people are unable to open bank accounts due to KYC. It's been a strict requirement for a long time for common sense reasons. there's a lot of moaning over nothing going on here I feel
Bob24 wrote: » I also feel people are talking about something completely different from what exchanges call KYC. Basically in practice we are talking about sharing a scanned copy of an ID document and a proof of address, which is not exactly very hard to do
Dohnjoe wrote: » It's mildly inconvenient and in fairness haven't heard of some crisis where "lots of" people are unable to open bank accounts due to KYC. It's been a strict requirement for a long time for common sense reasons. Go join Revolut, it's simple. Also crypto exchanges are easy to join even with KYC (I've joined about 25 exchanges give or take) - there's a lot of moaning over nothing going on here I feel
